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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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Composite Summary

  • Deborah66
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18 Mar 18 #500259 by Deborah66
Topic started by Deborah66
Hi there...

I post this separately as it may help when looking for a precedent. I include a very simple suggestion for a Composite Summary, your Court Order generally says what to include in a Composite Summary and these would be your headings....every case is individual and the summary is to really get you to focus your mind as often it is limited in pages and asks for bullet points.

A general idea for a Composite Summary (taken from a Court Order) is the normal heading........
IN THE .....FAMILY COURT
BETWEEN.......

_______________________
COMPOSITE SUMMARY OF THE
APPLICANT/RESPONDENT HUSBAND/
WIFE
_______________________


(Then numbered Headed Paragraphs taken from the Court Order) (but take out the brackets, the information is to help you to prepare the document)

1) LIST OF KEY ISSUES (setting out which have been resolved and which remain in dispute)
a) Former matrimonial home - The value of the Former matrimonial Home at 12 Acacia Avenue in the sum of £400,000 is Agreed and it is Agreed that it should be sold. How the net proceeds of sale should be divided is in Dispute
b) Other Property – The net sale proceeds in the sum of £50,000 of a solely owned property in the Applicant Husband's name, 3 St Bernard’s Row, Castleford is held to order by, Hershaw Brown Conveyancing Solicitors. How the net proceeds of sale should be divided is in Dispute

2. SETTLEMENT OFFERS (Whether Without Prejudice or Open)
a) The Applicant Husband has put forward one Without Prejudice Offer Dated 10th May 2014
That the Former matrimonial home be sold and the net proceeds of sale be divided equally, and an equal division of the sale proceeds of the property, 3 Bernard's Row, Castleford, that there be a Clean Break order with the parties retaining the assets in their sole names.
b) The Respondent Wife has not put forward any offers as the Applicant Husband had not provided full financial disclosure.


3) POSITION OF WIFE/HUSBAND BY WAY OF SETTLEMENT OFFER (including brief submissions in the form of bullet points explaining that position)
The Applicant Husband's Open Position is that the net proceeds of sale of the Former matrimonial home be divided equally and that the Husband retains the proceeds of the property 3 Bernard's Row, Castleford, there be Clean Break in all other respects.

... The Husband and Wife are respectively 51 and 52 years.
.... It is a long marriage of 25 years with no dependent children.
....There is inequality of income in the wife's favour and she has a more favourable borrowing capacity. (see 3 below)
....The Husband inherited the property 3 Bernard's Row, Castleford, after separation
....Inequality in the Wife's favour in respect of pension

The Respondent Wife's Open Position is that the Net Proceeds of Sale of the FMH be divided as to 60% to the Wife and 40% to the Husband. That the net proceeds of sale of the property 3 Bernard's Row, Castleford be divided equally between them. There be a Clean Break in all other respects

...The wife accepts this is a long marriage, the respective incomes.
...She asserts that the proceeds of 3 Bernard's Row are required to meet her housing needs as she needs £300,000 to purchase a property
...The borrowing capacity suggested would mean utilising 45% of the Wife's monthly salary which is unsustainable.

3) REHOUSING (details of personal borrowing capacity and financial details upon which the borrowing capacity has been calculated, copies of estate agent particulars of suitable properties )
Applicant Husband has a borrowing Capacity of £50,000 based upon his earnings of £50,000. The Respondent Wife has a borrowing Capacity of £65,000 based upon her earnings of £60,000
4) UPDATED CHRONOLOGY
......
.......
5) ANY OTHER RELEVANT DOCUMENTS FOR WHICH PERMISSION HAS BEEN GIVEN, (for example, an actuarial or pension report; a medical report; any accountancy evidence in relation to CGT or other tax implications; valuation evidence; estimated costs of any proposed building improvements or adaptations, whether for health or other reasons; information about planning permission or easements where relevant)
IF NO PERMISSION DO NOT ANNEX ADDITIONAL DOCUMENTS.
IF YOU SEEK PERMISSION THEN YOU COULD MENTION IT HERE AND SAY YOU SEEK PERMISSION

6) UP TO DATE DETAILS OF COSTS AND A REALISTIC ESTIMATE OF FUTURE COSTS TO FINAL HEARING.

I have Solicitors Costs up to 4th April 2016 totalling, £3,000. Since then I have represented myself and my costs are limited to half share of the valuation of the FMH £250. Estimated Costs to Final Hearing... I intend to instruct a Barrister so I estimate total costs to be between £5,000 to £6,000.

Hope the above helps
Best Wishes
Deborah

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19 Mar 18 #500279 by hadenoughnow
Reply from hadenoughnow
Thanks for this Deborah. When would this statement normally be required?

If you could provide a paragraph to explain when it is relevant I can arrange for it to be added to the library.


Hadenoughnow

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19 Mar 18 #500294 by Deborah66
Reply from Deborah66
Hi Hadenoughnow

The Statement/Summary is only required if the court directs it in the Order following the FDA Hearing, to be prepared and filed for the FDR Hearing.

Judges are often limiting bundles at the FDR and directing what documents to include. The Order would look something like this...

1. The Applicant’s Solicitors must at least 3 clear days before the hearing file and serve a CORE BUNDLE containing:
• One schedule of assets, liabilities and income on which any areas of disagreement are shown.
• A composite summary by each party for the purposes of the FDR hearing (limited to a maximum of 5 sides of A4) containing the following information:
(a) a list of key issues......................(etc all the headings as per the composite summary.)

If the court does not order it, it can be a very useful document to set out your case in a clear and concise manner and all relevant issues, so the judge has it in writing.

Best Wishes
Deborah

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19 Mar 18 #500303 by hadenoughnow
Reply from hadenoughnow
That's really helpful. Thank you Deborah. Much appreciated.

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20 Mar 18 #500305 by wikiliki
Reply from wikiliki
Thank you Deborah, This is very Helpful, but cant believe I missed it yesterday!

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